Agree Realty Co. (NYSE:ADC) Receives $78.53 Average Target Price from Analysts

Shares of Agree Realty Co. (NYSE:ADC) have been given an average rating of “Moderate Buy” by the sixteen analysts that are covering the company, MarketBeat reports. One investment analyst has rated the stock with a sell rating, three have issued a hold rating, eleven have given a buy rating and one has given a strong buy rating to the company. The average 1-year target price among brokerages that have issued ratings on the stock in the last year is $78.53.

A number of brokerages have recently weighed in on ADC. BTIG Research raised their price objective on shares of Agree Realty from $74.00 to $78.00 and gave the stock a “buy” rating in a research note on Wednesday, November 27th. Citizens Jmp downgraded shares of Agree Realty from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 17th. JMP Securities lowered shares of Agree Realty from an “outperform” rating to a “market perform” rating in a report on Tuesday, December 17th. StockNews.com downgraded shares of Agree Realty from a “hold” rating to a “sell” rating in a report on Tuesday, January 7th. Finally, UBS Group raised shares of Agree Realty from a “neutral” rating to a “buy” rating and upped their price objective for the company from $79.00 to $84.00 in a research note on Monday, January 6th.

Institutional Trading of Agree Realty

A number of institutional investors have recently modified their holdings of the company. Commonwealth Equity Services LLC grew its stake in Agree Realty by 3.2% during the second quarter. Commonwealth Equity Services LLC now owns 6,895 shares of the real estate investment trust’s stock worth $427,000 after buying an additional 216 shares during the period. Arizona State Retirement System boosted its position in Agree Realty by 2.0% during the 2nd quarter. Arizona State Retirement System now owns 28,170 shares of the real estate investment trust’s stock worth $1,745,000 after purchasing an additional 545 shares during the period. Savant Capital LLC acquired a new stake in Agree Realty in the 2nd quarter valued at $1,364,000. Wedbush Securities Inc. purchased a new position in Agree Realty in the second quarter valued at about $211,000. Finally, Choreo LLC acquired a new position in shares of Agree Realty during the second quarter worth about $576,000. Hedge funds and other institutional investors own 97.83% of the company’s stock.

Agree Realty Stock Down 1.9 %

ADC opened at $68.35 on Thursday. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.66 and a current ratio of 0.66. The company has a market cap of $7.08 billion, a price-to-earnings ratio of 37.76, a PEG ratio of 3.66 and a beta of 0.64. Agree Realty has a one year low of $54.28 and a one year high of $78.39. The business’s fifty day moving average is $73.56 and its two-hundred day moving average is $72.09.

Agree Realty (NYSE:ADC) last released its quarterly earnings data on Tuesday, October 22nd. The real estate investment trust reported $0.42 EPS for the quarter, missing the consensus estimate of $1.03 by ($0.61). Agree Realty had a return on equity of 3.77% and a net margin of 31.62%. The business had revenue of $154.33 million during the quarter, compared to analysts’ expectations of $152.83 million. During the same quarter in the prior year, the firm earned $1.00 earnings per share. Agree Realty’s quarterly revenue was up 12.8% on a year-over-year basis. Analysts anticipate that Agree Realty will post 4.12 EPS for the current fiscal year.

Agree Realty Dividend Announcement

The company also recently disclosed a monthly dividend, which will be paid on Wednesday, January 15th. Stockholders of record on Tuesday, December 31st will be issued a $0.253 dividend. The ex-dividend date of this dividend is Tuesday, December 31st. This represents a $3.04 dividend on an annualized basis and a dividend yield of 4.44%. Agree Realty’s dividend payout ratio (DPR) is 167.40%.

About Agree Realty

Agree Realty Corporation is a publicly traded real estate investment trust that is RETHINKING RETAIL through the acquisition and development of properties net leased to industry-leading, omni-channel retail tenants. As of December 31, 2023, the Company owned and operated a portfolio of 2,135 properties, located in 49 states and containing approximately 44.2 million square feet of gross leasable area.